Removing guarantor's name from a loan

EclipsedMind

You might be best off keeping quiet for the remainder of the loan term as he is repaying it. If you ask him to consolidate or otherwise bring to his attention she is a guarantor/jointly liable perhaps he will default knowing she will be liable to clean up that mess. If she had forgotten this then perhaps he has also.

Edit - rereading I see you have already drawn it to his attention but as others have stated it is unlikely the lender will release her from the liability and only have him liable unless his circumstances have improved considerably.

It will reduce your joint borrowing ability for a mortgage based on the lenders rules and the amount of the liability. So as that liability diminishes due to payments your affordability will increase. So you may not have to wait the full loan term to afford a mortgage.

You can see the effect it will have by trying the hsbc mortgage calculator and putting in the amount of the loan payment which is what she would have to pay if he defaults.

EM

somethingcorporate

murphyabu wrote: »

somethingcorporate

Where have I tried to lay blame?

This bit here:

murphyabu wrote: »

for the next few years he will dictate the house we can buy and other credit arrangements we can enter which is extremely frustrating.

When in reality it is the decision your OH made not her ex-partner.